News: AGL to take ACCC to court

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AGL Energy Ltd (ASX:AGK) is taking the Australian competition watchdog to court over claims it drove up power prices for retail competitors through its Torrens Island power station.

AGL is taking the Australian Competition and Consumer Commission to court in a bid to withdraw a notice issued under a section of the Trade Practices Act.

AGL says it rejects the assertions that it engaged in any behaviour that would reduce competition in South Australia.

For the year ended 30 June 2010, AGL Energy reported a net profit of $356 million.